Many factors go into the purchasing decision when you’re buying a new home in metro Atlanta. One of the major factors to make sure you fully understand before purchasing is the home warranty. Designed to help cover the costs if a major component of the house fails, it’s important to understand that they don’t cover the actual structure as a whole. If you’re unsure about the warranty being offered by your builder, use this guide from the Equifax Finance Blog to ensure it covers everything it should.

Most builders partner with a specific, trusted warranty company that provides discount repair or replacement services to the homeowner in the event that something breaks. Things often covered under a home warranty include major appliances, electrical systems, plumbing, the furnace and the air conditioning unit. Depending on the company and the terms agreed on, it may also cover things such as swimming pools, garbage disposals, refrigerators or washer and dryers.

Home warranties are designed to cover both standard wear and tear of an item, as well as the item breaking. When an item breaks, a service provider is typically sent to a home to ensure the problem is covered under the warranty. However, it’s important to keep in mind that if an inspector noted something as being faulty in the initial home inspection, it will not be covered under the warranty. This is a particularly important fact for buyers purchasing a resale home to keep in mind.

Most home warranties cost between $400 and $600 per year and can cover the house for three months to one year. In addition, there is typically a deductible or premium that the homeowner must may when service is needed.

It’s important to remember that home warranties are designed to provide peace of mind. Be sure to read the fine print and be fully aware of what is and isn’t covered.

Great information provided by the Atlanta Real Estate Forum

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